Baker Hughes: US Rig Count Up to 544, Hormuz Closure Extends to August 2026
Baker Hughes reports US rig count rose by one to 544 rigs, with oil rigs at 407 (down three year-over-year) and gas rigs at 129 (up 22). The firm warns Strait of Hormuz won’t reopen before August 2026, likely keeping WTI near $94.40 per barrel, $10.55 higher week-on-week.
1. US Rig Count and Pricing Trends
US oilfield activity rose by one rig to 544 total this week, comprising 407 oil rigs (down three) and 129 gas rigs (up four). The Permian Basin maintained 242 rigs, compared with 289 a year earlier; Plains-WTI reached $90.88 per barrel and national WTI closed at $94.40.
2. Strait of Hormuz Reopening Timeline
A Dallas Fed Energy survey shows nearly 80% of oil and gas executives expect the Strait of Hormuz to remain closed until August 2026 or later, delaying full shipping capacity. Baker Hughes warns that prolonged closure could sustain elevated oil prices and bolster demand for its drilling services.